In October, PayPal made headlines by revealing that it would facilitate the purchase and sale of crypto assets like Bitcoin and Ethereum in its app.
This is indeed a huge event because in the past, the former CEO of the company called Bitcoin one of the biggest scams in history. There are also rumors that PayPal employees have laughed at Bitcoin.
After weeks of beta testing, the service is finally rolling out to all corporate customers in the US.
PayPal launches a service to buy and sell crypto assets
Announced today, PayPal confirmed that all "qualified PayPal account holders in the US can now buy, hold and sell cryptocurrencies directly on PayPal". This news comes after weeks of waiting and beta testing.
In short, eligible users will be able to purchase Bitcoin, Ethereum, Bitcoin Cash and Litecoin through the PayPal app. The service will be rolled out to Venmo users and users in "selected international markets" in the first half of 2021.
To enhance consumer understanding and cryptocurrency adoption, the company is introducing the ability to buy, hold, and sell a number of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin directly in its wallet. PayPal digital. The service is now available to PayPal account holders in the US. The company plans to expand features to Venmo and select international markets during the first half of 2021
PayPal is working with Paxos Trust Company, a cryptocurrency and regulated custodian services provider. The giant in the finance industry also received approval from the New York State Department of Financial Services (NYDFS) to launch this activity.
More than just a cryptocurrency exchange
Besides being a cryptocurrency exchange, Paypal is also targeting central bank digital currency (CBDC).
PayPal CEO Dan Schulman said in the third quarter that the company will "catch" the central bank's digital currencies (CBDCs):
Finally, I would like to discuss our recent announcement aimed at increasing the utility of cryptocurrencies, as well as embracing new forms of Central Bank digital currencies. We are entering a new era of financial services, where our wallets and all the services around them are moving from physical to digital.
He further explained that CBDCs are a key issue in the global shift towards a "digital economy".